The Tennessee State retirement system is a "defined benefit" plan. This means the TN General Assembly defines the benefits and writes the checks and taxpayers are on the hook to cash those checks.

Taxpayers don't have ANYONE guaranteeing their retirement so not only do they have to make up any losses in their own retirement IRA and 401(K) investments, they must pay more taxes to make up for ANY losses in the state retirement system which THEY GUARANTEE because their elected representatives said they could tote the note.